It looks very cool. Product is usually invented in the place of need. Europe and Asia are quite congested compared to US. It would not be surprise to me the product is created in Europe. What surprise me is the origin is MIT. Nonetheless, I can see the product will get popular in the world provided that the infrastructure and regulation support it. You know, parking 2 of these in today's parking spot might cost you a ticket of double parking. ;)

Wow. What goes around, comes around, I think the saying goes. Minus the folding aspect, but plus a good bit of range and quick fillup, I offer you the 1950 Isetta, made by Iso SpA, Italy.
http://en.wikipedia.org/wiki/Isetta
As decribed, fuel economy in the 50-70 mpg range, the same front access and bubble look, and really short. You saw them parked in super tight spaces, typically turned so the occupants could get out that front door.
Usually this type of car cannot be imported into the US, due to safety regulations. Actually, I'm surprised that this new one must meet the now stringent Euro tests.